Risk Management in Offshore Decommissioning Market Assessment and...

Risk Management in Offshore Decommissioning Market Assessment and Best Practices

Posted 2023-08-25 12:32:15

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Market Overview

The offshore-decommissioning market, from the recent research reports, is anticipated to grow from USD 5.2 billion in 2021 to USD 9 billion by 2030 with a compound annual growth rate (CAGR) of 7.10%. Decommissioning is the last stage of execution of any offshore oil and gas project.

A procedure like safe plugging of the wellbore in the earth’s surface and disposing of the equipment used in the offshore production of oil and gas are the most important stages of decommissioning process. To maintain the safety and stability of the offshore environment, decommissioning operations are very helpful.

Key Players:

· Tetra Technologies Inc. (U.S.)

· BP P.L.C. (U.K.)

· Statoil ASA (Norway)

· DNV GL (Norway)

· TechnipFMC PLC (U.K.)

· AF Gruppen ASA (Norway)

· Ramboll Group A/S (Denmark)

· Aker Solutions ASA (Norway)

· Amec Foster Wheeler (U.K.)

· John Wood Group Plc. (Scotland)

· Claxton Engineering Services (U.K.)

· Allseas group SA (Switzerland)

· DeepOcean Group (Netherlands)

Market Segmentation

Looking at the latest research analysis, the offshore decommissioning industry can be bifurcated based on type, service type, and application. Out of all the segments of this market, the whole application segment will witness tremendous growth during the forecast period.

The use of the offshore decommissioning process is getting popular day by day is finding its application in all the primary areas. At present time all the organizations involved in this market business are trying to improve their products with innovations.

If we look at this industry then based on reactor type, it is categorized into sub infrastructure, mega substructure, and topside areas.

Further based on service type, it has advanced platform removal, advanced conductor removal, and modern well-plugging abandonment.

Lastly based on application, it has natural shallow water, natural deep water, research organizations, traders, importers & exporters, suppliers, and industrial end-users.

Regional Analysis

If we look at offshore decommissioning market growth and other details, this industry is remarkably working in four major regions of the world that is Asia Pacific, Europe, North America, and the rest of the world. During the forecast period, the North American region will dominate this market as most of the valuable players of this market are present in this region. Also, a lot of technological advancements are taking place in this region which is another factor that will aid in the growth of this market to a greater extent.

Industry News

Most of the organizations involved in this business are trying to work in such a way that will give them efficient results with reduced environmental and regulatory liabilities. The oil and gas fields with the age of more than 100 years are becoming a new source of revenue for this industry.

In addition to all of this, the process of recycling is helping organizations in reducing risks to a great extent. Almost 9.5 lakh ton are attacked for removal from the North Sea from which 6.5 lakh ton is from UKCS. The United Kingdom is anticipated to spend a huge amount of 15.3 billion euros for this decommissioning process.